Bitcoin Whales Have Recorded The Lowest Historical Profit in a Bull Cycle
The post Bitcoin Whales Have Recorded The Lowest Historical Profit in a Bull Cycle appeared on BitcoinEthereumNews.com.
Bitcoin has performed poorly in the current bull cycle. Whales have made the lowest historical profit if the bull cycle ends now. BTC whales are waiting for liquidity injection from retail investors. CryptoQuant CEO Ki Young Ju highlighted Bitcoin’s relatively subdued performance in the current bull cycle, assuming it ends now. In a recent post, the prominent crypto analyst noted that Bitcoin whales would see historically low profits if the 2024 bull run concludes soon. According to Ju, Bitcoin whales have sold fewer tokens this season compared to previous bull cycles. He explained that newer whales are holding onto their crypto assets, potentially waiting for retail investors to inject more liquidity into the market. Supporting Ju’s argument, Ali Martinez, a top crypto analyst on X, observed that crypto whales are employing a new strategy to make their large crypto holdings less visible. According to Martinez, the whales are distributing their Bitcoin across many addresses, breaking them into smaller amounts. The analyst noted that only 1,975 addresses currently hold between 1,000 and 10,000 BTC. Meanwhile, Ju noted that the recent crypto market volatility originates from futures trading, further emphasizing the minimal impact whales have had on the market in the current cycle. According to Ju, whales typically influence the market through spot trading and OTC markets, which have been relatively inactive. He anticipates this will continue as whales wait for retail investor activity to drive liquidity up. Read also: Bitcoin Whales Stockpile Despite Lackluster Market Performance Ju’s observation underscores one aspect of the current bull cycle that highlights the shifting dynamics in the crypto market. Bitcoin’s price surged earlier this year, with the cryptocurrency achieving a new all-time high before the halving event, which surprised many analysts. This disrupted the crypto market’s usual cycle, leading to increased uncertainty. Despite the shift…
Filed under: News - @ October 5, 2024 7:23 am